The Plain Ground Rules About Car Insurance
With the continuous increase of the amount of vehicles on the road in every nook
and corner of the world, car insurance assumes greater importance year after year. This practice of insuring vehicles in general originated in the United Kingdom during the 19th century.Among the different types of car insurances the third-party insurance is mandatory and the full car insurance is not. It is important to understand the difference between the two.
The categories of cars that usually are insured by insurance companies include all vehicles used for private, professional or pleasure purposes. In addition, cars of private type including station wagons, used for social, domestic and pleasure purposes and for the business or professional purposes. Three wheeled cars including cabin scooters used for private purposes are also eligible for insurance.
The different types of cars that are insured are all the ones that are used for personal or professional use. The personal use cars are the ones that are used for purely personal ones while the professional cars may include the ones that are for public use or even for entertainment. This may include even the ones that are used for transporting personal goods and affects.
There are a few conditions according to which car insurance works. The insured should inform the insurance promptly of any loss or damage to the car without any delay. The insured is supposed to assist the insurer in performing his or her duty by supplying all relevant information and documents. Each and every letter or document received in respect to the accident should also be forwarded to the insurer. In case of any prosecution or inquiry, the insurer should be informed about the same.
The insurer can opt either for repairing, reinstating, or replacing the vehicle or can compensate by paying out cash. This should be in accordance with the condition of indemnity where the owner of the vehicle should not profit from the loss suffered. At the same time, the liability of the insurer should not exceed the insured estimate of the value of the car.
The insurer, in a situation of accident and subsequent damage to a vehicle, may offer repair, reinstatement, or replacing the vehicle. The insurer may, at his discretion, offer to give money instead of a vehicle. However all these are at the sole discretion of the insurer. There might be a few conditions that the insurer will look at those are that care will be take to ensure that the insured does not make a profit out of the claim. In view of all the advantages car insurance has every car owner must endeavor to have a valid insurance policy for the vehicle at all times.
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